Office

Olympia Development Breaks Ground on $70M Office Building in District Detroit

by Kristin Harlow June 3, 2019

DETROIT — Olympia Development of Michigan has broken ground on a new five-story medical, office and retail building at 2715 Woodward Ave. in The District Detroit. Located between Little Caesars Arena and the Mike Ilitch School of Business at Wayne State University, the 127,000-square-foot building will replace a former surface parking lot. The $70 million project will feature four floors of Class A office space and 17,000 square feet of street-level retail space. Tenants will include the Detroit Medical Center (DMC) and law firm Warner Norcross + Judd. DMC is the official healthcare provider for the Detroit Red Wings and the Detroit Tigers. Christman-Brinker is providing construction management services and Harley Ellis Devereaux is overseeing the building’s design.

June 3, 2019

Loans New York Northeast Office

PGIM Provides $200M Loan for Refinancing of Manhattan Office Building

by Taylor Williams June 3, 2019

NEW YORK CITY — PGIM Real Estate Finance has provided a $200 million loan for the refinancing of 315 Hudson Street in Manhattan. The 10-year, fixed-rate loan will be used to restructure existing debt and to fund the remaining costs of a capital improvements program that will upgrade the lobby, elevators, signage and other mechanical systems. The borrower was Jack Resnick & Sons. Standing 10 stories tall and spanning 484,000 square feet, 315 Hudson is located in the Hudson Square area of Lower Manhattan. PGIM Real Estate Finance, the commercial mortgage business of PGIM, is an international full-service, commercial and multifamily mortgage finance business.

June 3, 2019

Loans New York Northeast Office

JLL Arranges $75M CMBS Loan for Refinancing of Office Building in New York City

by Taylor Williams June 3, 2019

NEW YORK CITY — JLL’s Capital Markets team has arranged a $75 million CMBS loan for the refinancing of 450-460 Park Avenue South, a 183,019-square-foot office building in the Midtown South neighborhood of Manhattan. Aaron Appel, Kellogg Gaines, Jackson Sastri and Matt Fagella of JLL placed the debt through Wells Fargo on behalf of the borrower, Moinian Group, which has owned the property for more than three decades. Coworking giant WeWork recently inked a deal to occupy space at the building, which was originally built in 1912 and was 95 percent leased at the time of the loan closing.

June 3, 2019

Development Office Texas

Mercedes-Benz Financial Opens 200,000 SF Business Center at AllianceTexas in Fort Worth

by Taylor Williams June 3, 2019

FORT WORTH, TEXAS — Mercedes-Benz Financial Services USA LLC, the automotive financing arm of Daimler Financial Services Group, has opened a 200,000-square-foot business center at AllianceTexas in Fort Worth. The facility features amenities such as a fitness center, onsite café, basketball court, jogging trails and outdoor dining areas. Hillwood, the master developer of AllianceTexas, broke ground on the build-to-suit office project in February 2018. Mercedes-Benz Financial Services has maintained a presence at the 26,000-acre development since 2017, and company officials estimate that the opening of this facility will keep about 900 direct or indirect jobs in Fort Worth.

June 3, 2019

Development Office Retail Texas

Gordon Partners to Undertake 35,000 SF Retail, Office Expansion Project in Conroe, Texas

by Taylor Williams June 3, 2019

CONROE, TEXAS — Houston-based Gordon Partners will soon begin construction of Phase II of Waterpoint Center, a mixed-use development located along the southern shore of Lake Conroe, about 40 miles north of Houston. Plans for Phase II include the development of an additional 35,000 square feet of retail, office and restaurant space, as well as the expansion of the marina to include an additional 70 boat slips. Construction is expected to be complete in the second quarter of 2020.

June 3, 2019

Development Office Texas

Cawley Partners to Develop 300,000 SF Spec Office Building in Plano

by Taylor Williams May 31, 2019

PLANO, TEXAS — Dallas-based development and management firm Cawley Partners will develop a 300,000-square-foot speculative office building at The Campus at Legacy West, a 105-acre mixed-use development in Plano. Designed by Morrison Dillworth + Walls, the 15-story property will be situated at 6333 Legacy Drive at the main entrance to the Legacy West. Amenities will include a fitness center, restaurant, bar and a conference center. Avison Young will handle leasing of the building. A construction timeline has not yet been released.

May 31, 2019

Development Office Oklahoma Texas

Woodside Capital Begins Renovation of 100,000 SF Office Complex in Oklahoma City

by Taylor Williams May 31, 2019

OKLAHOMA CITY — Fort Worth-based Woodside Capital Group has begun a $6 million renovation project at LakePointe Towers, a two-building office complex in Oklahoma City. The assets feature nearly 100,000 square feet available for lease. Woodside, which acquired the properties in fall 2018, has already completed upgrades to the parking areas, as well as added new paint, roofs and building chillers. Ongoing improvements include updates to the lobbies, restrooms, signage and landscaping. CBRE will market LakePointe Towers for Woodside following completion of the project.

May 31, 2019

Leasing Activity Office Texas

NKF Negotiates 10,365 SF Office Lease in Uptown Dallas

by Taylor Williams May 31, 2019

DALLAS — Newmark Knight Frank (NKF) has negotiated a 10,365-square-foot office lease for Kansas City-based law firm Lathrop Gage at Rosewood Court in the Uptown area of Dallas. The new office is the firm’s 10th in the country. Garrison Efird and Paxton Cooksey of NKF represented Lathrop Gage in the lease negotiations. David Zimmer and Scott Bluhm of Newmark Grubb Zimmer, an affiliate office of NKF, also worked on the deal. Haley Collard and Joe Dunne represented the landlord, Rosewood Property Co., on an internal basis.

May 31, 2019

Development New York Northeast Office

Colliers Completes 12,000 SF Office for IT Firm at One Penn Plaza in Manhattan

by Taylor Williams May 31, 2019

NEW YORK CITY — Colliers International’s project management team has completed a 12,000-square-foot, build-to-suit office project at One Penn Plaza in Manhattan for Dimension Data, a South Africa-based IT firm. Designed by Gensler, the office space features adjustable desks, shared employee workspaces, expansive views and access to an abundance of natural light. Dimension Data will occupy the 18th floor of the 57-story Penn Plaza, which spans approximately 2.7 million square feet. Vornado Realty Trust owns the building, which was originally built in 1972 and renovated in 1995.

May 31, 2019

California Loans Office Western

HFF Arranges $93M in Acquisition Financing for 253,393 SF Office Building in Oakland

by Amy Works May 31, 2019

OAKLAND, CALIF. — HFF has secured $93 million in acquisition financing for 1333 Broadway, a Class A office building in Oakland. Jordan Angel and Mark Root of HFF arranged the floating-rate acquisition loan through an affiliate of Brookfield Asset Management for the borrower, Swift Real Estate Partners. At the time of sale, the 253,393-square-foot office building was 95 percent leased. Major tenants includes Delta Dental and Teecom. Jacobus Machalow of Orrick provided legal representation for Swift Real Estate Partners. Additional terms of the acquisition were not released.

May 31, 2019

Newer Posts

Older Posts